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I placed an order to buy a couple hundred shares in a company at the cost of 165. I clicked continue. It then took me to another page and gave me 15 seconds to complete at that same price.

I clicked OK and my order was executed. I immediately looked at my position and it said that I was down roughly 10%. It appears that the cost per share had gone to 187 although it still says on a separate page that the executed price was 165. At no point from when the stock market opened did share price rise above 168, yet I'm down money straight away and I'm not sure why or what I have done wrong.

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    This is hard to comment on without knowing the broker, order type and stock. – Philip Mar 30 '20 at 9:18
  • Did it through Halifax trading account, Stock was with Signature aviation with a market order – Ellis Thompson Mar 30 '20 at 9:21
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    Check the fee you paid as well, it maybe showing that as included in your price – n34_panda Mar 30 '20 at 9:22
  • fee was already charged and was included in the price when I paid – Ellis Thompson Mar 30 '20 at 9:28
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    Can't see any plausible trading action which gets you to this result (maaaaaaybe if you ordered very late on Tuesday 24th you could get vaguely near this result with a market order submitted before the huge jump and it executes at the much higher price but doesn't look close to getting you to 187: there are literally no recorded trades at 187 in last seven days on this stock, the trade high looks ~185). I would call/email the broker and find out more about what happened. – Philip Mar 30 '20 at 10:26
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Something is amiss and without detailed information, we'd be just guessing at an answer. But here are some guesses anyway:

  • Make sure that you bought not shorted the stock.
  • Check your trading fees (doubtful since it's 10%)
  • Perhaps it was a fast market day when there was a lot of trading and price movement. The last price was 165 but the bid/ask spread was very wide and your market order was filled at a horrendous price.
  • Perhaps you are reading the info incorrectly
  • Perhaps your broker has made a reporting error

The short answer is that you should contact your broker and sort through this.

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Did you set a limit on the order?
The price shown is never a guaranteed price, it only shows you what the last sale was for, and maybe what offers are currently in the order book.

If you give a buy order without a limit, it means "I want to buy for any price", and if this is a share not traded frequently, someone will see the order and fulfill it at a (potentially ridiculous) price.

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